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<Research>CMBI Cuts XIAOMI-W (01810.HK) TP to HKD44.47, Maintains Buy Rating
Recommend 17 Positive 23 Negative 6 |
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CMBI issued a research report covering XIAOMI-W (01810.HK), which saw a 7% YoY growth in revenue and a 24% decline in adjusted net profit for 4Q25, beating market expectations by 1% and 10%, and surpassing the broker's expectations by 2% and 18%. Looking ahead to 2026, the company's management remains confident in addressing short-term demand weakness in the smartphone and automotive industries. Regarding memory costs, the group signed long-term agreements with suppliers, alleviating concerns about supply woes, with limited impact on IoT and EV businesses. In view of 2025 results and the impact of rising memory costs on gross margins for 2026 and 2027, CMBI lowered Xiaomi's adjusted net profit forecast for 2026 and 2027 by 4-9%. The target price was reduced from HKD47.16 to HKD44.47, with Buy rating kept. AASTOCKS Financial News Website: www.aastocks.com |
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